Business
Interdigital Announces Financial Results for Second Quarter 2024
Company delivers Q2 results far above outlook and all-time record first half, and raises FY 2024 guidance WILMINGTON, Del., Aug. 01, 2024 (GLOBE NEWSWIRE) --
About this update from Interdigital, Inc.
[{"type":"text","content":"Company delivers Q2 results far above outlook and all-time record first half, and raises FY 2024 guidance\nWILMINGTON, Del., Aug. 01, 2024 (GLOBE NEWSWIRE) -- InterDigital, Inc. (Nasdaq: IDCC), a mobile, video, and AI technology research and development company, today announced results for the quarter ended June 30, 2024. “Our performance in the second quarter far exceeded the outlook and highlights how we continue to execute on our strategy and strengthen our innovation pipeline to support long-term growth,” commented Liren Chen, CEO and President, InterDigital. “Given our all-time record revenue for the first half of the year and our increasing momentum across the business, we are raising our full-year revenue guidance by $70 million to between $690 million and $740 million.” 2024 Financial Highlights, as compared to Second Quarter 2023: Three Months Ended June 30, (in millions, except per share data)2024 2023 Change GAAP Results: Revenues$223.5 $101.6 120% Operating Expenses$89.6 $78.2 15% Net income 1$109.7 $21.8 403% Net income 1 margin49% 21% 28 ppt Diluted EPS 1$3.93 $0.79 397% Non-GAAP Results: Adjusted EBITDA 2$157.7 $53.6 194% Adjusted EBITDA margin 271% 53% 18 ppt Non-GAAP Net income 3$118.9 $35.6 234% Non-GAAP EPS 3$4.57 $1.30 252% Additional Information: Revenue by type: Recurring revenues$95.9 $99.1 (3)% Catch-up revenues$127.6 $2.5 4,966% Revenue by program: Smartphone$199.2 $88.6 125% CE, IoT/Auto$23.7 $12.4 91% Other$0.5 $0.6 (5)% Return of Capital to Shareholders (in millions, except per share data)Share Repurchases Dividends Declared Total Returnof Capital Shares Value Per Share Value Second quarter 20240.3 $35.1 $0.40 $10.1 $45.2 Near Term Outlook The Company raised its full year 2024 outlook and provided an initial outlook for third quarter 2024 in the table below. The outlook for third quarter 2024 is based on existing licenses only, and any new agreements that might be reached over the balance of the third quarter would be additive. The outlook for full year 2024 includes both existing licenses and the potential for new agreements over the balance of the year. Full Year 2024 (in millions, except per share data)Q3 2024 Current Prior Revenue$94 - $98 $690 - $740 $620 - $670 Adjusted EBITDA 2$36 - $39 $378 - $416 $310 - $345 Diluted EPS 1$0.20 - $0.30 $7.17 - $8.32 $4.95 - $6.15 Non-GAAP EPS 3$0.70 - $0.80 $9...